Where you want to be! Oaklands - Page 4

People up and down the country dream of owning their own home. Shared ownership can make that dream a reality. Share ownership offers a fantastic opportunity for you if you’re trying to get a foot on the property ladder but can’t quite afford to buy a home on the open market. Depending on what you can afford, you can buy a share of between 40% and 75% of the home, you then pay a subsidised rent on the remaining share. As and when you can afford to, it’s possible to buy a larger share of the property at a later date – this is called staircasing. Buying a shared ownership home is very similar to buying a home on the open market. You’ll need a deposit of at least 5%, a mortgage to cover the purchase price of your share and you’ll have to pay your legal fees. You will need to register with the Help to Buy agent for the area you’re looking to buy in, and there are certain eligibility criteria you’ll need to meet too. You’ll need to be earning no more than £80,000 (outside London), be over 18, live or work in the UK, not own any other property and be unable to afford to buy a home on the open market. With shared ownership you benefit from lower monthly payments compared to buying a home outright, but you still get all the benefits of owning a new home. To find out more, go to bromfordhomes.co.uk